National Assembly resolves to continue reducing VAT by 2% until the end of 2024

The National Assembly agreed to continue reducing VAT by 2% until the end of this year. This content is shown in the Resolution of the 7th Session that was just voted and approved by the National Assembly at the closing session on the morning of June 29.

Accordingly, the National Assembly resolved to continue reducing the value added tax rate by 2% for the groups of goods and services specified in Point a, Section 1.1, Clause 1, Article 3 of Resolution No. 43/2022/QH15 of the National Assembly on fiscal and monetary policies to support the Socio -Economic Recovery and Development Program from July 1, 2024 to December 31, 2024.

Delegates attending the 7th Session of the 15th National Assembly

The 2% reduction in VAT applies to a number of groups of goods and services. The sectors that continue to not receive this tax reduction include real estate, securities, banking services, telecommunications, information technology, coke, chemical products, goods and services subject to special consumption tax.

The extension of the 2% tax reduction for another 6 months is expected to reduce budget revenue in the second half of this year by about VND24,000 billion. Overall, the budget is estimated to decrease by nearly VND47,500 billion for the whole year.

The National Assembly assigned the Government to organize the implementation of policies to ensure the achievement of the set goals; to be responsible for managing and implementing revenue collection tasks, not to affect the revenue estimates and state budget deficit in 2024 according to the Resolution of the National Assembly; to ensure revenue sources for estimated expenditure tasks and urgent needs arising.

Source: https://kinhtedothi.vn/quoc-hoi-quyet-nghi-tiep-tuc-giam-2-thue-vat-den-cuoi-nam-2024.html